News

Sri Lanka will purchase oil from Iraq after the United States imposed new sanctions on Iran, the island's main supplier of crude oil, a report said on Sunday citing a senior official.

The US Senate unanimously approved new economic sanctions Friday aimed at further crippling Iran's energy, shipping and port sectors, a year after Congress passed tough restrictions against Tehran.

"Oil in northern Iraq is similar to Iranian crude and could be refined (domestically), thereby reducing costs on the import of refined products," foreign ministry secretary Karunatillaka Amunugama told the paper.

Sri Lanka has relied on Iran for 92 percent of its crude oil requirements.